US Democrats urge OCC to ‘clarify measures to prevent Trump stablecoin conflicts of interest’

US Democratic senators have raised concerns that President Donald Trump and his family's involvement in virtual assets (cryptocurrencies) could influence financial policy, urging the Office of the Comptroller of the Currency (OCC), the bank supervisory authority, to respond.

According to the cryptocurrency-focused media outlet Cointelegraph on the 1st (local time), three Democratic senators, including Senator Elizabeth Warren, sent a letter to OCC chief Jonathan Gould, stating, "Trump and his family are seeking personal gain through cryptocurrency businesses" and warning "this could undermine the fairness of financial policy decisions."

They pointed out that "there are no mechanisms in place to restrict Trump himself and his family from gaining financial benefits from issuing or trading stablecoins." The recently passed stablecoin regulation bill, the GENIUS Act, designates the OCC as the primary regulatory agency.

A key target in the current letter is the stablecoin USD1, issued by the decentralized finance (DeFi) platform ‘World Liberty Financial’ operated by the Trump family.

In the letter, the senators criticized, "The success of USD1 is directly tied to the Trump family’s asset value" and added, “It is an unprecedented conflict of interest for a sitting president to have the power to guide policies for the success of a stablecoin in which he and his immediate family have a stake."

The Democratic senators questioned Chief Gould on whether he believes President Trump could dismiss him, whether he would resign and submit related evidence to Congress if subjected to external pressure, and demanded a response by the 14th.